Michael Jackson's Neverland Ranch On Sale For Discounted $31 Million

Michael Jackson's "Neverland" estate is on sale for $31 million. It's a significant price cut from its 2015 asking price of $100 million.

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As the release of HBO's controversial Michael Jackson documentary, "Leaving Neverland," looms, Jackson's Sycamore Valley Ranch in Los Olivos, California, which serves as the backdrop for the movie — better known as the "Neverland" ranch — is on sale for $31 million.

The estate has had a tumultuous time on the market. As the Wall Street Journal notes, it was originally listed for $100 million in 2015 and then the price was cut to $67 million in 2017; after briefly being taken off the market, it has been reintroduced at an asking price of $31 million.

Kyle Forsyth and Suzanne Perkins of Compass, who represent the property, have cited the estate's high price as well as recent wildfires, mudslides and drought that ravaged the area for its failure to sell.

The 12,598-square-foot, six-bedroom, nine-bathroom ranch is located 40 miles from Santa Barbara. The estate also includes three separate guest houses, a movie theater, several barns, a pool, pool-house and tennis court. The property includes 2,698 acres of land.

Jackson reportedly purchased the ranch in 1987 for $19.5 million, living there for more than 15 years.

The two-part Neverland documentary details the allegations of two men who say they were molested by Jackson in the 1980s and 1990s. The pop star and his estate have denied the allegations, and the Jackson estate has filed a $100 million lawsuit against HBO.

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Michael Jackson's 'Neverland' ranch is on sale for a discounted $31 million | CNBC Make It.